Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
What more satisfactory to a customer than an authentic and tamper-proof product at their doorstep. But how do you make sure that it is indeed a genuine item? Blockchain has come up to answer this question. The technology holds potential to take the supply chain to another level. Companies like BudBlockZ (BLUNT) and International Business Machine (IBM) are already exploring this tech marvel.
BudBlockz is the first online e-commerce website for cannabis enthusiasts. The company is working to scale their operations to allow increased accessibility of the product to their users. Marijuana sector has seen loosening restrictions in the past few years. Still, the vendors are required to deliver information regarding the quantity, logistics and more.
The company solves this issue using seed to sale tracking and logistics. Authorities ask for this information to make sure the product is not being used unethically. A barcode allows BudBlockz to trace each step from sowing the seed to final delivery. Vendors need to keep a proper record of at least three years to avoid penalties.
Blockchain being a distributed and immutable ledger can eliminate such compliance issues. Licensed sellers can simply store the details and provide unbiased data to authorities. If there’s a fire in a facility it can burn physical documents alongside everything. Meanwhile blockchain would ensure the data remains intact no matter what.
IBM has been using the blockchain for quite some time now. They allow their data to be seen by permissioned parties. As the company joins hands with more partners, the technology allows them to keep things transparent. The data is generated at each step involved in their process. From pharmaceuticals to retail, the company keeps even minute details involved in manufacturing.
Their supply chain management makes sure the data is visible to all the network participants. IBM Food Trust allows them to share what data they want to share with others. Moreover, the technology allows users to quickly find the data associated with a specific product.
It leverages on four key aspects: traceability, latest insights, certifications and accessibility to data. Users can track the real time data of a product. Fresh insights allow them to improve efficiency and lower product losses. Moreover, the fact that they can share the data accordingly, ensures that ineligible third parties are removed from the game.
Currently, IBM stock was trading at a market price of $130.57, down by 0.17% in the last 24 hours. Company shares gained over 30% between October and December 2022 before falling around 10% the next month.
This shows how mainstream companies trust this growing technology. Companies like BudBlockz and IBM are just a few examples of how blockchain can be used for improving several aspects in human lives. Though it hasn’t gone mainstream yet, it would be worthwhile how it will make a difference in the world.
BudBlockz Contract Address is as follows: 0xe5d4988A644EF97f58583BaC42285090924417D0
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Source: https://www.thecoinrepublic.com/2023/02/25/how-ibm-and-budblockz-can-truly-enhance-supply-chain-using-blockchain/